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Pakistan Flooding India With Counterfeit Money?

Indian officials worry that Pakistan is deluging India with fake rupee notes.

By LIFS December 10, 2009 at 3:34 AM
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Indian banking officials accuse Pakistan of being behind the deluge of counterfeit currency.

 
The Directorate of Revenue Intelligence (DRI) estimates that 130 million high-quality counterfeit notes are smuggled into India every year, triple in volume last year.

Home Minister P. Chidamabaram said, "Behind this racket is an organized effort in Pakistan and PoK (Pakistan-administered Kashmir). It's not just a cottage industry."

Nearly Rs 300 million ($6 million) in fake notes were seized in 2008, triple that in 2007, of which nearly a half were detected in banking channels.

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Business | Magazine | December 2009

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